Zerodha co-founder Nikhil Kamath's WTFund and Nazara Technologies, on November 15, pledged a total investment of Rs 2 crore in two gaming startups – Norian Games and Xigma Games. This investment is part of their efforts to nurture the next generation of homegrown gaming firms in India, thereby boosting the country's standing in the global gaming space.
Through this investment, Norian Games and Xigma Games will gain financial support and access to mentorship and strategic guidance, the firms said in a joint statement.
Kamath said this fund is a "small step in supporting companies that have made a mark with their innovative games, and I look forward to seeing them push boundaries even further.”
In April, Kamath had announced the launch of WTFund, a non-dilutive grant-agnostic fund dedicated to nurturing young entrepreneurs under the age of 25. The fund invests in startups across diverse sectors, enabling them to scale up their operations.
Nazara Technologies founder Nitish Mittersain also mentioned that the diversified gaming and sports media firm is "committed to nurturing the next generation of gaming talent in India"
Norian Games is a Kerala-based startup that is developing “Aldian of Ancients”, a dinosaur survival simulation game for PC and console.
Meanwhile, Xigma Games is a Bengaluru-headquartered gaming studio that has released titles such as "The Bonfire: Forsaken Lands” and “The Bonfire 2: Uncharted Shores” that have amassed over 10 million downloads on a combined basis. The titles are currently available on Google Play Store, Apple App Store, and Steam.
The studio's latest titled "Metal Haven”, is a free-to-play, sci-fi action-strategy game.
India is the fastest-growing games market in Asia, both in terms of revenue and gamers, according to Niko Partners, a market research and consulting firm that covers video games, e-sports and streaming in the continent.
The combined mobile, PC and console gaming revenue is projected to reach $943 million in 2024, up 13.6 percent from the previous year. The market is expected to surpass $1 billion in revenue by 2025 and reach $1.4 billion in 2028, clocking a five-year compound annual growth rate of 11.1 percent, it said. These figures do not include revenues from real-money games or exports.
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